The US Will Make Foreign Banks Tax Expatriate US Investors

tax       2000-07-07 
The Internal Revenue Service (IRS) is moving forward in its pursuit of expatriate American citizens who don't pay their taxes. It is usually a surprise for non-US citizens to discover that the US taxes the world-wide income of its citizens wherever they are. Americans who see this as unreasonable - and there are many of them - have two choices: cheat, or give up their citizenship. According to the IRS, a high proportion of the millions of American citizens who live abroad are cheating, and the IRS has announced a series of measures this year to thwart them, involving improved detection techniques, heavier penalties, and new rules for institutions involved in making investments for expatriate US citizens.